2009 is set to be a difficult year for all of us, as house prices fall and unemployment exceeds two million, and many people will be experiencing mounting debt. There are however thousands of people who could lighten the burden of debt by taking advantage of the legislation around IVAs. An IVA, or Individual Voluntary Arrangement, is a process designed to help those burdened by serious debt. Although not suitable for everyone, the only problem with IVAs is that we don’t know anything about them.
You may be wary of debt consolidation and debt management companies promising to clear your debts or help you make significant debt reductions, and perhaps rightly so as not only have we as a nation developed a somewhat blasé attitude towards debt and credit over the last two decades, but we have been bombarded by the advertising campaigns of said companies. In truth these firms work, on the whole, by taking advantage of IVA legislation, and not by stripping you of your assets or forcing you into to the black hole of bankruptcy.
An IVA is a legally binding agreement, registered with the courts and setup and managed by a licensed debt consolidation company, or licensed insolvency practitioner such as Debt-2-Go. This practitioner doesn’t work for your creditors but for you, and be rest assured they will act in your best interests. They will take details of what your income is and your expenditure, then they will list how much you owe, and to who. At that point you no longer need worry about further collection activity. Within 24 hours the practitioner will make contact with your creditors and at that point they are bound legally not to hound you any further.
Then an offer is made to your creditors of somewhere between 30%-50% of what you owe them. This sum will usually be repaid over a 60-month period. In most cases the interest is dramatically reduced or even frozen, and a registered debt management company should be able to tell you what terms to expect. During the course of the IVA your circumstances are regularly monitored to ensure you can still afford the payments.
An IVA is a brilliant solution to serious debt problems, and a must against bankruptcy. They are not a con, and represent a genuine route to a debt free life, implemented by the government to help those who are struggling with their finances.
Debt-2-Go provide discreet and sensitive advice for people with mounting debt. They can advise you on a personal debt management plan, specifically tailored to your needs to offer you the simplest and quickest route to a debt free life.
With years of experience helping people consolidate and eradicate debt, Debt-2-Go provide free advice on debt management and sensitive approach.
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